Gov’t ensured double-digit economic growth for 2 years “despite challenges”, says Economy Minister
Georgian Economy Minister Levan Davitashvili said the Gov't was able “not only to maintain economic stability but also to ensure double-digit growth” for two years in a row “despite challenges”. Photo: Ministry of Economy
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Georgian Economy Minister Levan Davitashvili on Wednesday said the Government was able “not only to maintain economic stability but also to ensure double-digit growth” for two years in a row “despite challenges”.
The years 2022 and 2023 were the years of significant recovery and improvements in almost all directions of the economy. In 2022, a record volume of exports, tourism revenue and foreign direct investment was recorded. The dynamics of economic growth continues in 2023 - the average economic growth in January-August is seven percent”, he said.
Davitashvili said the level of poverty and unemployment in the country had decreased to a “historic low” last year, while in the first and second quarters of 2023, the unemployment rate had decreased by 1.4 percentage points annually.
We can say that poverty has actually been halved over the last ten years, however, unemployment and further reduction of poverty is one of our main tasks - this is where our economic policy is directed, which involves strengthening the competitiveness of the private sector, carrying out structural reforms, expanding the export potential and qualitative improvement of trade”, the official noted.
It also includes promotion of energy security, diversification of the country's economic functions, effective use of new opportunities and, most importantly, improvement of connectivity with the European Union”, he added.
Davitashvili highlighted several international rankings and studies, which he said “confirm” Georgia's progress.
Despite the current challenges, Georgia was able to maintain its sovereign credit rating in the background when the credit rating of many countries deteriorated. According to rating companies - Fitch, S&P, Moody's - Georgia ensured the maintenance of the rating at the level of the pre-pandemic indicator and overcame the crisis without deterioration of the rating”, Davitashvili said.
He also noted Fitch had upgraded the outlook of Georgia's sovereign credit rating from stable to positive at the beginning of 2023.
Levan Davitashvili, the Georgian Economy Minister, on Wednesday told the Parliament electricity generation in the country had hit its “historical high” of 11.1 billion KW/h in the first nine months of this year.
The Georgian economy grew seven percent year-on-year in January-August and 5.8 percent in August alone, the National Statistics Office said on Friday.
Georgian Prime Minister Irakli Garibashvili on Friday said "thanks to the Government’s pragmatic foreign policy”, Georgia “has sustained economic growth over the past decade” and “has experienced double-digit economic growth for two consecutive years, with a GDP growth rate of over 10 percent in 2021 and 2022”.
The Asian Development Bank on Wednesday said high foreign direct investment and lower unemployment had supported “strong growth” for the Georgian economy, and raised its growth forecast for 2023 from the earlier 4.5 to six percent. “The growth will moderate slightly to five percent in 2024, in light of an expected return to growth potential and possible fallout from slowing global expansion”, the ADB said.
Georgian Prime Minister Irakli Garibashvili on Tuesday highlighted Georgia as a “global hub for business and finance” and one of the world’s “fastest-growing” economies while addressing the United Nations General Assembly’s Sustainable Development Goals Summit in New York.
Georgian Economy Minister Levan Davitashvili on Wednesday told the Parliament that the revenues from tourism in Georgia were growing at a “record pace” and highlighted the dynamics of tourism recovery after the pandemic.
Georgian Economy Minister Levan Davitashvili on Wednesday highlighted the dynamics of Georgia's growing trade and economic relations with various countries and said products of Georgian origin could enter markets with 2.3 billion consumers under the free trade deals the Government had signed with different states.
The World Bank on Friday said it had revised the 2023 growth forecast for Georgia upward to 5.9 percent.
Georgia is one of 20 countries with a Global Hunger Index score of less than five, the 2023 edition of the annual report jointly published by Concern Worldwide and Welthungerhilfe shows.
Georgian Prime Minister Irakli Garibashvili on Wednesday highlighted the Government’s “pragmatic” foreign and economic policies, which contributed to securing an uninterrupted peace and stability and ensuring strong economic growth in the country amid the “complex” global security challenges.